Nope. Insider trading that a person at the firm with access divulge material, non-public information. The report was done with all public information, so its clean on that front. Now, if OMEX can prove slander, that's another story.
To be clear, I don't think the report is 100% accurate. However, I have difficulty disagreeing with some of the conclusion. Odyssey has reliably over-promised and under-delivered for years. Imminent contracts, "summer of recovery," SS Republic value, etc. The list of projects that simply disappeared without a mention or revelation of failure is staggering. Suspicion of the business model is not an unfair claim at this point, especially as it pertains to historical shipwrecks.
On the Oceanica front, the concerns are also justified. Besides the sketchy connections, it has always seemed strange to me that Odyssey has said things like "we're not financial professionals, we don't know about monetizing things like that" etc. The idea that we built up $100m+ of equity with contract work was always a bit confusing, and the connections highlighted in the report deserve a strong answer from the company.
If the report is wrong this is a boon for shareholders who can buy in cheaply. If its right, Odyssey is in major trouble. I look forward to seeing the company's response (no one wants Odyssey to succeed more than me), but at this point I'm not too optimistic. Odyssey is a real company that employs incredible people and does incredible things, the question is whether it deserves a $200m+ market cap and the business is sustainable. Again, I'd wait to see what the company says but wouldn't advise anyone on this board to buy-in tomorrow. If anything, sell as the risks just got much greater.
Is good research. I'm very curious to see Odyssey's response. Have been out of the loop (and the stock) for awhile (couldn't stand the over-promise under-deliver vibe), but the Oceanica stuff smells bad. Let's see what Odyssey says, I don't think 0 is on the horizon but if they don't respond forcefully and convincingly tomorrow AM before the market opens its hard to be comfortable at any price IMHO. Good luck to all longs, very honestly sad to see this happen, hope the company can come back with some fire tomorrow